Chat banking, allowing users to transact simply and easily on the messaging apps they prefer, is likely to become the next big thing in banking across Africa. The continent’s highly mobile-enabled population already embraces messaging apps and an emerging younger consumer base is more comfortable texting than speaking on their devices. GSMA’s The Mobile Economy…

Open Banking is revolutionising the financial services landscape across the world, and presents opportunities for transformation and financial inclusion throughout Africa too. However, the African markets should use the successes and failings from the experiences of other markets to leapfrog directly to the next era of Open Banking. Open Banking, in which banks share certain…

“Top ICT leaders from leading SACCOs from across East Africa gathered at CIO East Africa’s premier SACCOTech event, they were warned of one of the biggest problems that comes with embracing technology is cybercrime and digital fraud. This was pointed out by, Willie Kanyeki, Director of Business Development, Myriad Connect, during his speech at the…

Because SIM swap fraud has been so prevalent across Africa in recent years, African consumers are well aware of the potential for financial losses during unsecured financial transactions. But the incidence of SIM swap fraud is increasing both across Africa and internationally, and fraudsters are finding new ways to profit from this particular mode of…

“ “Open banking is revolutionising the financial services landscape across the world and presents opportunities for transformation and financial inclusion throughout East Africa. However, the region should learn from the experiences of other markets and leapfrog directly to the next era of open banking, says International mobile technology specialist at Myriad Connect.Open banking, in which…

““East Africa now has an opportunity to build on the experience of other markets that are already embracing Open Banking, and move directly to a more effective model in the region,” according to Willie. He notes that regulation of the environment is necessary: “If the market is left to its own devices with no regulation,…

““In developed nations, fintech is helping transform the existing financial services landscape, where in Africa it is about bringing financial services to large sectors of the population who have never had access to financial services before. Open Banking can play a unique role in this,” says Willie Kanyeki, Myriad Connect Business Development Director – Africa….

“Security and authentication are essential components of Open Banking, Myriad Connect notes – both to ensure every digital transaction is properly authenticated to prevent and detect fraud, but also critically, to provide express consent for consumers’ data to be shared in the ecosystem. Myriad Connect empowers enterprises and mobile network operators to deliver new mobile…

““As East Africa prepares to embrace Open Banking, this is an opportune time for banks and financial services providers to work together to approach regulators to put in place mutually beneficial regulations across the ecosystem. It is also important to consider uniform standards for APIs, security and authentication ahead of mainstream adoption of Open Banking.”…